NEW
YORK, July 19, 2024 /PRNewswire/ -- The
global electric guitar market size is estimated to grow
by USD 1.45 billion from
2024-2028, according to Technavio. The market is estimated to grow
at a CAGR of 10.43% during the forecast period. Growing
demand for music-related leisure activities is driving market
growth, with a trend towards growing online retailing.
However, increasing adoption of virtual musical instruments
and music production software poses a challenge. Key market
players include CorTek Corp., Dean Guitars, Farida, Fender Musical
Instruments Corp., Fernandes Co. Ltd., Fujigen Inc., Gibson Brands
Inc., Heritage Guitar Inc., HOSHINO GAKKI Co. Ltd., JAM Industries
USA LLC, Karl Hofner GmbH and Co.
KG, Paul Reed Smith Guitars, Peavey Electronics Corp., Rickenbacker
International Corp., Samson Technologies Corp., Schecter Guitar
Research Inc., Taylor Listug Inc., The ESP Guitar Co., Tokai Gakki
Co.Ltd., and Yamaha Corp..
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Electric Guitar
Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
10.43%
|
Market growth
2024-2028
|
USD 1459.5
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
8.64
|
Regional
analysis
|
North America, Europe,
APAC, South America, and Middle East and Africa
|
Performing market
contribution
|
North America at
59%
|
Key
countries
|
US, China, Canada,
Germany, and Japan
|
Key companies
profiled
|
CorTek Corp., Dean
Guitars, Farida, Fender Musical Instruments Corp., Fernandes Co.
Ltd., Fujigen Inc., Gibson Brands Inc., Heritage Guitar Inc.,
HOSHINO GAKKI Co. Ltd., JAM Industries USA LLC, Karl Hofner GmbH
and Co. KG, Paul Reed Smith Guitars, Peavey Electronics Corp.,
Rickenbacker International Corp., Samson Technologies Corp.,
Schecter Guitar Research Inc., Taylor Listug Inc., The ESP Guitar
Co., Tokai Gakki Co.Ltd., and Yamaha Corp.
|
Market Driver
The electric guitar market has experienced notable growth due to
the expansion of the online musical instrument retail sector. This
trend is driven by the enhanced product visibility provided by
online platforms, enabling vendors to reach a larger customer base
and reduce inventory management costs. Online retailing currently
holds a modest share of the global electric guitar market but is
projected to expand at a faster rate than traditional retailing.
Factors fueling this growth include increasing Internet
penetration, the adoption of mobile devices, and consumer awareness
of various online retail platforms. The convenience of secure
transactions, multiple payment options, easy returns, and efficient
customer service, along with round-the-clock shopping convenience
and doorstep delivery, further boost online sales. The global
availability of electric guitars through online retailers like
Amazon.com is increasing demand, especially as consumers can
purchase these instruments from home without incurring additional
shipping costs.
The electric guitar market is experiencing significant growth,
particularly among millennials and the adolescent population. Live
concerts and music festivals continue to drive demand for solidbody
electric guitars in the music industry. School curricula and music
education programs are incorporating digital music tools, such as
digital whiteboards, file sharing, and virtual lessons, to teach
music instruction. Online retail platforms and internet penetration
have made it easier for musicians to access digital sheet music and
cloud-based systems from anywhere. Metal and rock music genres
remain popular among consumers. Electric guitar manufacturers are
focusing on sustainability and eco-friendly practices. The market
can be segmented into offline and online channels, with the online
channel segment growing rapidly due to the convenience it offers.
Accessories, such as amplifiers and effects pedals, are also in
high demand. Overall, the electric guitar market is thriving, with
trends like online performances, virtual lessons, and digital sheet
music shaping the future of music education and live music
concepts.
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Market Challenges
- The electric guitar market has experienced notable challenges
due to the rising adoption of music production software and virtual
musical instruments. In developed economies like the US and
Germany, music composers
increasingly prefer software for its mobility and convenience.
Laptop manufacturers, such as Apple Inc., offer music production
software like GarageBand, which includes a comprehensive sound
library and instrument presets. The proliferation of mobile devices
and high-speed internet access broadens the reach of virtual
musical instruments, with numerous mobile applications and websites
available. The exponential growth in mobile and laptop sales fuels
the popularity of music production software, posing a significant
challenge for the electric guitar market.
- The electric guitar market faces several challenges in today's
business landscape. With the rise of cloud-based systems, solidbody
electric guitars are increasingly being sold online through
e-commerce platforms. However, the offline channel segment still
holds significance, particularly for beginners and those preferring
a tactile shopping experience. Accessories, music instruction, and
live performances are popular online, with metal and rock music
genres leading the way. Adolescents and students are key consumers,
making leisure activities like playing the guitar a significant
part of their lives. The internet enables virtual lessons, online
performances, and videoconferencing, transforming music education
and live music concepts. Electric guitar manufacturers must adopt
eco-friendly practices, digital features, and direct-to-consumer
models to stay competitive. Sustainability and digital marketing
strategies are essential for long-term success.
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Segment Overview
This electric guitar market report extensively covers market
segmentation by
- Product
- 1.1 Solid-body
- 1.2 Semi-hollow body
- 1.3 Hollow body
- 1.4 Accessories
- Distribution Channel
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Solid-body- The electric guitar market has
experienced consistent growth due to its popularity among musicians
and music enthusiasts. Companies manufacture and sell various
models, catering to different budgets and preferences. Retailers
stock these guitars, offering customers options for purchase. The
market's success is attributed to the versatility and unique sound
of electric guitars in various music genres. Additionally, ongoing
advancements in technology enhance the guitar's features,
attracting new players.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
Learn and explore more about Technavio's in-depth research
reports
The global guitar market is thriving with diverse offerings
catering to musicians of all levels and genres. Key trends include
a growing demand for electric guitars driven by rock and pop music,
while acoustic guitars remain popular for folk and indie musicians.
Innovation in materials and designs, coupled with rising interest
in online music learning, contribute to market growth. Major
players focus on sustainability and digital integration, enhancing
both traditional craftsmanship and modern connectivity. As global
music consumption rises, the guitar market continues to expand,
offering a blend of heritage and innovation to meet evolving player
preferences.
Research Analysis
The electric guitar market is experiencing a surge in demand
driven by various factors. Millennials, with their affinity for
live concerts and music festivals, are fueling the growth of this
industry. School curricula and music education programs are
increasingly incorporating electric guitar instruction, catering to
the adolescent population's interest in musical instruments. Online
retail platforms have made it easier for students to purchase their
first electric guitar and access music instruction through video
conferencing, instant messaging, and file sharing. The internet's
widespread penetration enables musicians to connect, collaborate,
and perform online, leading to a thriving community of musicians in
various genres, such as metal and rock music. The popularity of
these genres among adolescents as leisure activities further boosts
the market's growth. The cloud and online performances are
revolutionizing the way musicians reach their audiences, providing
new opportunities for artists and fans alike.
Market Research Overview
The electric guitar market is experiencing a surge in demand
among the millennial population and adolescents, driven by their
active participation in live concerts, music festivals, and musical
bands. The internet penetration and digitalization have
revolutionized music education, with digital music tools, digital
sheet music, and cloud-based systems becoming essential for
students and musicians. Solidbody electric guitars continue to
dominate the market, with both online and offline channels catering
to the demand. Accessories, such as amplifiers, effects pedals, and
strings, are also experiencing significant growth. The market is
witnessing a shift towards eco-friendly practices and
sustainability among electric guitar manufacturers. Digital
features, direct-to-consumer models, and e-commerce platforms are
becoming key strategies for brands to reach their customers
effectively. Music genres like metal and rock continue to be
popular leisure activities, driving the demand for electric
guitars. Virtual lessons, online performances, and video
conferencing are transforming music instruction and live music
concepts, offering new opportunities for musicians and music
enthusiasts alike.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Product
-
- Solid-body
- Semi-hollow Body
- Hollow Body
- Accessories
- Distribution Channel
-
- Geography
-
- North America
- Europe
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio